Are You Taking Advantage of Back-Door Roth IRAs?
Are you a high-income taxpayer who would like to contribute to a Roth IRA but cannot because of income limitations? Well, here is a work-around that will allow you to fund a Roth IRA.
Are you a high-income taxpayer who would like to contribute to a Roth IRA but cannot because of income limitations? Well, here is a work-around that will allow you to fund a Roth IRA.
Time Is Running Out! If you did not file your 2015 return by the normal April due date and requested an extension, be aware that the final due date for your return is October 17, 2016. The date is normally October 15, but that falls on a weekend this year, giving you two extra days to meet […]
Did you know that in addition to winning an Olympic medal, they are also compensated by the U.S. Olympic Committee with prize money: $25,000 for a gold medal, $15,000 for a silver medal and $10,000 for a bronze medal?
Billions of dollars go unclaimed every year from federal and state governments, financial institutions and companies no longer generating activity. Everything from tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, […]
Special Tax Filing Issues With modern transportation the world continues to shrink, and it is increasingly common for a U.S. citizen to marry someone from another country who is not a U.S. citizen. If this describes your marital circumstances, there are some special tax filing issues you will have to deal with. Based on your particular […]
The IRS is now auditing to see if too much home equity debt interest is being deducted from your taxes. Remember, equity debt is debt not incurred to acquire or improve the home and taxpayers frequently exceed the equity debt limit and fail to adjust their interest deduction accordingly. Normally, you are allowed to deduct […]
Every year the IRS reports around $1 Billion in refunds that are available for individuals who did not file a tax return with half of these refunds are more than $600. Maybe you decided not to file thinking that you don’t itemize and/or your employer is withholding tax so you don’t need to file. If […]
It’s nice to receive a large refund from the IRS, however, remember that means you are simply getting your own money back that was over-withheld in the first place. Logically, it would make more sense to put that money in the bank and be able to use it all year long instead of giving the […]
The information in this article is to explain how the Affordable Care Act will impact your pocketbook when the healthcare taxes kick in, and when the mandatory insurance requirement becomes effective. Here are the details for your 2013 tax return:
